My revised SOA

vodka_needed

Hi
I wonder if you experts could have a look over my revised SOA?
I went BR in May but didn't have an IPA set up as I was due to go on maternity leave shortly afterwards. It was agreed the OR would contact me after a few months to review my financial situation to see if an IPA could be set up.
I have today received an IPAQ form to complete and my SOA is below.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 522
Partners monthly income after tax....... 1116
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 1719.2
Monthly Expense Details
Mortgage................................ 716
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 104
Electricity............................. 127
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 50
Mobile phone............................ 0
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 375
Clothing................................ 60
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 23.05
Buildings insurance..................... 47
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 20
Coal.................................... 10
Total monthly expenses.................. 1714.42

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(716)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,719.2
Expenses (including HP & secured debts). 1,714.42
Available for debt repayments........... 4.78
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 4.78
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

A couple of points I should clarify:

• My income is Stat Maternity Pay, this varies depending on if it is a 4 or 5 week month so I have used an average figure - is this ok?
• I have included Child Benefit even though I haven't had a payment yet - I claimed a couple of weeks ago but haven't heard anything back yet.
• My car is a company car so I only pay fuel costs
• My partners income is his contribution to the household (not his full salary - but not far off!)
• Gas payment is included in the electricity payment

Thanks for your help

Ineedaname

Absolutely correct to provide a monthly average for SMP - just add up what you will receive over 52 weeks and then divide by 12 months.

I think it will be OK to include CB as you know you will receive it for the newborn (congrats by the way).

Might want to make a note on the SOA about the car and why no other costs.

I assume contents insurance is included within buildings insurance?

Round everything up or down to the nearest pound, the ORs don't seem to want to know about pennies!

merlin68

Are you not getting tax credits?

kepar

Good point Merlin, with your newborn (congrats) you should be entitled to tax credits.

vodka_needed

We aren't entitled to tax credits, not according to the online calculator. I'll double check though

merlin68

I just done a rough working out and it should be about £40 a week in credits.

kepar

merlin68 wrote: »

I just done a rough working out and it should be about £40 a week in credits.

The problem is Merlin the OP is only putting down her partners input rather than full income, so a bit hard to assess.

vodka_needed

Sorry - I have another question.

How likely is it that the OR will allow my fuel costs with having a compay car and being on maternity leave?
Will they view it as the car only being essential for work and therefore fuel costs will not be needed while on leave?
Should I add the cost into the housekeeping figure then I can cover the cost or will my housekeeping figure then be too high?

Sorry for being a pain

Ineedaname

I assume you have been allowed to keep the company car as you are intending to return to work?

You may be right in that an OR might not allow a personal fuel allowance whilst on maternity leave, but I would put it on your SOA and negotiate.

oldtractor

It would be better to put the proper income on the SOA ,ie your partners full income after tax,otherwise people cannot help you properly.

tigerfeet2006

No the OP does not need to put her OH's full income ion the SoA. The OR will just need to see that he is making a fair contribution to the joint household outgoings.